Stocks Close Higher on Better US Economnic Data, Investor Performance Angst, Short-Covering, Tech/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.98 +3.51%

• Euro/Yen Carry Return Index 144.43 +.78%

• Emerging Markets Currency Volatility(VXY) 8.83 +1.85%

• S&P 500 Implied Correlation 54.0 +.24%

• ISE Sentiment Index 122.0 -16.44%

• Total Put/Call .80 +6.67%

• NYSE Arms .98 -16.24% 

Credit Investor Angst:

• North American Investment Grade CDS Index 68.99 +.95%

• European Financial Sector CDS Index 94.69 -1.92%

• Western Europe Sovereign Debt CDS Index 61.67 +2.78%

• Emerging Market CDS Index 293.39 +.52%

• 2-Year Swap Spread 8.5 +.25 basis point

• TED Spread 17.75 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.5 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .06% -1 basis point

• Yield Curve 245.0 +4 basis points

• China Import Iron Ore Spot $136.0/Metric Tonne +.07%

• Citi US Economic Surprise Index 8.60 +5.4 points

• Citi Emerging Markets Economic Surprise Index -16.50 -.8 point

• 10-Year TIPS Spread 2.16 -1 basis point

Overseas Futures:

• Nikkei Futures: Indicating +200 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

• Higher: On gains in my tech/medical/retail sector longs

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 75% Net Long